We understand that setting a business up is a daunting experience, we’ve been there!
So inevitably, you’re going to have a few questions which need answers, here’s a few of the most common ones we get asked. If you have any more, just give us a call.
There are a wide range and complex rules which relate to tax reduction and take it from us, every case is different. But, in addition to standard business expenses there are a variety of allowances, pension relief schemes and general planning activities we can help you with that can help reduce your tax bill legally. For more information go to https://www.thetimes.co.uk/money-mentor/article/ten-easy-ways-to-cut-your-tax-bill/
VAT or valued added tax is a tax levied on the supply of goods and services. As a VAT registered business you are required to charge your customers VAT but can then offset the VAT you are charged from your suppliers. The summary of these is reported online, normally quarterly under a process called Making Tax Digital in what is referred to as a VAT return with the VAT due being paid over to HM Revenue & Customs. It is worth bearing in mind that when dealing with VAT you are simply a collection agent and as such do not ‘profit’ from being VAT registered. For further details in when and how to register for VAT please follow this link https://www.gov.uk/vat-registration
Taking on people is a challenge, but a great step forward for any business. With regard to your finances, the key task is making sure you have a process in place to assess, record and pay their Pay As You Earn (PAYE) from day one. Enterprise have a cost effective Payroll Service which take all the headaches away for a monthly fee. Legally, you must ensure you have Employee’s Liability Insurance and a Contract of Employment in place. If you’re taking on an apprentice, the ‘Provider’ helps you with much of the paperwork. For more information go to https://www.gov.uk/employ-someone
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